Cayman's Commitment To Transparency 'Positive For Finance Sector'

by Mike Godfrey, Lowtax.net, Washington
16 May, 2016

Cayman Finance, the agency responsible for promoting the islands' financial services industry, has welcomed the Cayman Government's commitment to a new global standard on sharing beneficial ownership information.

The agency said: "Cayman Finance's collaborative relationship with Government supports enhancements like these to our regulatory and legal infrastructure to promote even greater transparency with law enforcement here and around the world. In addition to supporting the new prohibition on bearer shares and the repeal of Cayman's Confidential Relationships law and replacement with new data protection legislation, Cayman Finance has also played a critical and constructive role in the negotiation and implementation of the new beneficial ownership agreement with the UK, whilst at the same time seeking to protect the legitimate rights to privacy of law-abiding citizens."

"This will build on an already world-leading licensed corporate services provider verified beneficial ownership system that has been in place for years in the Cayman Islands. This system provides regulated due diligence know-your-customer checks and operates transparently with law enforcement globally while maintaining the critical balance of protecting honest investors' right to privacy."

"The result of this positive working relationship is that the Cayman Islands has been recognized for decades as a strong international partner in combating corruption, money-laundering and tax evasion. We have met or exceeded all globally-accepted standards for transparency and cross border cooperation with law enforcement and these new actions maintain our leadership in this area."

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